BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Blackstone Set to Acquire AIR Communities in a Landmark $10 Billion Deal
NEW YORK & DENVER, April 8, 2024 — In a groundbreaking move that underscores its commitment to the real estate market, Blackstone (NYSE: BX) has reached a definitive agreement to purchase Apartment Income REIT Corp. (NYSE: AIRC), commonly known as AIR Communities, for approximately $10 billion. This all-cash transaction will see Blackstone acquiring all outstanding common shares of AIR Communities at $39.12 each, representing a significant 25% premium over the company's last closing share price and the volume-weighted average share price of the past 30 days.
The acquisition, which also includes the assumption of debt, positions Blackstone Real Estate Partners X at the forefront of the rental housing sector, especially in coveted coastal markets such as Miami, Los Angeles, Boston, and Washington D.C. AIR Communities boasts a portfolio of 76 high-quality rental housing communities, a testament to its prominent standing in the industry.
Blackstone's strategic investment doesn’t stop at the acquisition. Plans are in place to inject more than $400 million into the existing portfolio to not only maintain but significantly enhance the living experience across AIR Communities. This investment underscores Blackstone's dedication to elevating the standard of resident experience, with further capital earmarked for potential growth opportunities.
Terry Considine, President & CEO of AIR Communities, expressed his pride in the company's team and its culture, noting the transaction's potential to bolster AIR's mission of providing outstanding homes, creating a great workplace, and being responsible stewards and trusted partners. "The collaboration with Blackstone signifies a milestone in our journey, promising an enhanced and expanded future built on mutual respect, shared goals, and a commitment to serving our residents and investing wisely," said Considine.
Nadeem Meghji, Global Co-Head of Blackstone Real Estate, lauded AIR Communities for its exceptional quality and scale, particularly highlighting the strength of its operating team. "This acquisition marks a significant addition to our portfolio, situated in markets with robust multifamily fundamentals. We are eager to work alongside the AIR team to continue providing exceptional living experiences to residents," Meghji commented.
This transaction not only marks a new chapter for AIR Communities but also signals Blackstone's continued faith in the strength and potential of the multifamily real estate sector. With a shared focus on quality, resident satisfaction, and strategic growth, Blackstone and AIR Communities are set to embark on a collaborative journey poised for success.
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